Sony Group shares surged as much as 10.7% on Friday after the company reported record user growth for its PlayStation platforms. Monthly active users reached 129 million accounts in December, a 5% year-on-year increase, marking the highest number in PlayStation history.
The company also raised its revenue and profit forecast for the fiscal year ending March 2024, expecting annual operating profit of 1.34 trillion yen ($87.6 billion) and full-year sales of 13.2 trillion yen. This upward revision was driven by strong performance in Sony’s gaming and music businesses.
Sony sold 9.5 million PlayStation 5 units in the December quarter, up from 8.2 million in the same period last year, bringing lifetime sales of the PS5 to 74.9 million units. Operating profit in the gaming division rose 37% in the third quarter, fueled by higher sales of network services, hardware, and third-party software.
Analysts remain optimistic about Sony’s future, particularly its gaming division. Damian Thong of Macquarie Capital noted that Sony’s stock has room to grow, citing strong upcoming game releases and cost-cutting measures.
